Ethio Telecom also embarked on increasing mobile network coverage and capacity projects.

Ethio Telecom reported an increase in full-year revenue and net profit yesterday, as the state-owned telecom company announced its financial results.

The telecom credited its LEAD Growth strategy, stating that as a result, its subscriber base increased by 8.9% over the same period last year, reaching 78.3 million consumers and meeting 100.4% of its target.

Furthermore, Ethio Telecom reported that its overall income climbed by 21.7% compared to the same period last year, reaching $1,6 billion (Birr 93.7 billion), an increase of $289 million (Birr 16.7 billion) from the previous year and 103.6% of its target.

“Our foreign exchange generation has shown a 20.7% increase from last year reaching a total of 198.02 million US dollars, achieving 117.5% of our target,” said the telco.

During the year, the company also stated that efforts were made to strengthen the capacity and coverage of the telecom and digital infrastructure through a series of network improvement projects to assure service quality.

The 4G mobile network was expanded at 966 sites, while the 3G network was expanded at 682 locations.

As a result, it added that the 4G network service has been extended to an additional 124 cities and districts, increasing the total number of accessible 4G cities from 300 to 424.

During the year, the number of 5G stations was increased to 189 through the expansion of the 5G network at 79 mobile stations.

Additionally, 5G service is now available in 4 regional capitals, with implementation work underway to make 4 more cities 5G-ready, said the company.